Skincare Product Market Size, Share, Growth Analysis, By Product(Male and Female), By Packaging(Cosmetic stores, Supermarkets/Hypermarkets, Online Channel, Other), By Region - Industry Forecast 2024-2031

Due to the rising standard of living, rising working-class population, and rising spending power of the region's population, Asia Pacific is expected to hold a significant share. In addition, the population's changing lifestyle and rising disposable income in countries like China, India, Japan, and others have led to increased spending on personal care and wellness products, which will increase demand.For instance, the Australian Hygiene, Personal Care, and Specialty Products Industry Association (ACCORD) reports that the hygiene, personal care, and specialty products industry's turnover in Australia in 2021 was USD 26.3 billion, representing an increase of 0.9 percent over the previous year.

In addition, the Asia-Pacific skincare market is anticipated to expand as consumers gain access to a wider variety of brands and become more aware of skin care products.For instance, among the total shipments of cosmetics in Japan, skincare products held the highest market share, accounting for 50.1%, according to the Japan Cosmetics Industry Association. On the other hand, according to the same source, the shipment of lotions increased from approximately USD 1,519.29 million in 2020 to approximately USD 1,876.77 million in 2021.

In the global market, Europe is anticipated to hold a significant market share.Male and female Europeans pay more attention to improving their skin's overall quality because they care more about how they look.The strong presence of major market players and the region's population's increased spending power are also contributing to the market's expansion.